Financials for fiscal year 2014 are complete, but not yet audited. That process will occur this spring. 2014 unaudited financial results outperformed our budget targets for the second year in a row. Some highlights:
1. The Club received a net insurance settlement in the amount of $679K which influenced the year end performance significantly. We ended the year with a positive bottom line of $763K including the insurance proceeds. After extracting the insurance proceeds we still achieved from normal operations an $84K positive bottom line.
2. Over $570K of new capital improvements were completed in 2014, all funded with cash. Many are designed to reduce future maintenance costs or provide new revenue streams to enhance amenity cash flow. Of particular note, Indian Hills Golf Course replaced it’s aged, high maintenance, bent grass greens with Tif Eagle Bermuda, reducing annual maintenance costs by $30K.
3. Projected reconstruction costs, currently underway at the BayView site will be approximately $100K less than insurance proceeds received, further strengthening our cash position for 2015.
Community Club Board of Directors